Comprehensive credit reporting

We disclose Comprehensive Credit Reporting (CCR) data which includes the following credit related information, to your credit report:

• Information about your current consumer credit accounts with us. Such as the type of credit, the credit limit, open and close date of the account(s);
• Information about whether your repayments have been paid on time (allowing a 14-day grace period).

On 1 July 2022, we updated our Privacy Policy and Credit Reporting Policy to comply with the Privacy Act changes to access and disclose the following credit related information:

• Information about whether your repayment obligations have been affected by an agreed financial hardship arrangement.

We share credit related information with Credit Reporting Body (CRB), Equifax. We may also disclose your credit related information to other CRBs. This information may not be immediately visible on your credit report. It depends on when payments are due, when your account opened or closed, and when we send the information to the CRB.

In addition to sharing your credit related information, we will use CCR data to assess credit applications. CCR enables us to obtain a more comprehensive view of your financial position, helping us to lend more responsibly and fairly.

What does CCR mean for you?

Your credit report may include information such as:

• when you applied for credit
• defaults
• public record information, and
• personal credit accounts
  • open and close dates
  • the type of account
  • credit limit, and
  • up to 24 months of repayment history information.

From 1 July 2022, your credit report may also include financial hardship information.

What is a credit report?

Credit reporting bodies (CRBs) collect and share credit information, with credit providers, by providing a credit report.

A credit report provides information about your credit history. Credit providers use the information to assist them to determine your suitability for certain products and services.

You are entitled to a free copy of your credit report every 3 months from each CRB. The CRB must provide a credit rating in the free credit report, together with an indication of the ‘band’ that the credit sits in (eg, below average, average, good, etc). This will provide you with the opportunity to see what information is available as well as check for any inaccuracies.

For a copy of your current credit report, contact the credit reporting bodies.

• Equifax
• Experian
• Illion

The bank can only provide you with a copy of your credit report as at the time of your credit application. This may not be up to date.

Visit CreditSmart for a sample credit report.

How we use your credit information

When you apply for credit, you give your consent for the bank to conduct a credit check. We obtain a credit report from credit reporting body Equifax and may also obtain a credit report from illion and Experian. The information is used to verify your identity and credit information.

Tips for a healthy credit report

CCR helps to recognise good repayment behaviour. Making repayments on time has never been more important. To help you maintain a healthy credit report, following are some of our top tips:

• Automated payments – Set up automatic repayments for the minimum amount due, to allow for any future repayment changes.
• Check your credit report – You’re entitled to a free copy of your credit report from each CRB every 3 months. If you find something in your report that isn’t right, contact the credit provider or CRB and ask them to correct it. You can do this with all credit providers and CRBs, at no charge.
• Check your accounts – Make sure you know what accounts you have open and closed, and confirm the details are correct: 
  • credit limit
  • payments are up to date
  • loan is not in arrears
• Understand credit reporting – Visit the CreditSmart website for helpful information on the basics of credit reporting, managing your report and much more.
• Contact us – We are here to help if you are having difficulty making payments.

Quick links

• CreditSmart to learn more about credit reports, comprehensive credit reporting, credit scores and managing debt.
• Visit our Privacy Policy and Credit Reporting Policy to learn how we collect and use your information.
• View our Financial Difficulty information for assistance if you are experiencing financial hardship or having difficulty making payments.